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Unprecedented long backwardation heralds huge rise in gold, Turk says
4:18p ET Monday, August 12, 2013
Dear Friend of GATA and Gold:
GoldMoney founder James Turk today tells King World News that the unprecedented length of the current backwardation in gold heralds a "spectacular" rise in price.
Turk says the U.S. Commodity Futures Trading Commission is not investigating the smashing of the gold market in April "because they know it was government intervention aimed at scaring people out of the gold market." He adds: "But the only result is that government intervention has unleashed a tidal wave of bargain hunting throughout the world. Massive increased buying of physical gold has resulted in backwardation now that the weak-handed sellers in the West have been overpowered by the strong-hands buyers from the East."
An excerpt from Turk's interview is posted at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/8/12_We...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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